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The Board of Control for Cricket in India (BCCI) announced the establishment of the Indian Premier League (IPL) in September 2007, a Twenty20 competition to be started in 2008. The Rajasthan Royals were one of the original eight teams in the inaugural season of the IPL in 2008. Emerging Media gained ownership of the Jaipur-based franchise team with a bid of $67 million, making it the least expensive team in the league.

As of 2024, the franchise is owned by the Royals Sports Group (Emerging Media Sporting Holdings Limited), which holds a 65% stake. Key minority stakeholders include Lachlan Murdoch and RedBird Capital Partners. There have been past controversies regarding the ownership of the franchise, leading to a brief expulsion of the team from the league in 2010. The franchise made a pre-tax profit of $7.5 million in 2009.

Expulsion from the IPL and return

In 2010, the BCCI decided to expel Kings XI Punjab and Rajasthan Royals from the IPL. The expulsion baffled captain Shane Warne who stated that he suspected that there might be some foul play and that the BCCI might possess some ulterior motives. The Rajasthan Royals filed an appeal against the decision and the two parties went to the Bombay High Court to decide. The Bombay High Court adjourned that case until 29 October 2010, but it was revised to 15 November because they didn't want it to coincide with Diwali celebrations from 1 to 14 November.

Later, it was announced by the Royals that they told the Bombay High Court that they would be negotiating with an arbitrator to see if they could reconcile with the IPL. The arbitrator announced that while the investigation was ongoing, the Royals would remain a part of the IPL for six weeks and the BCCI would not be allowed to change rules which might go against the Royals. The six-week period included the player auction in which Rajasthan Royals participated. After this, the Bombay High Court rejected the appeals of the BCCI against keeping the Rajasthan Royals in the IPL for six weeks while the case was sorted out. It was estimated that because of the losses in court cases and damage in reputation, the BCCI decided not to pursue further legal action against the Rajasthan Royals or Kings XI Punjab – the teams were allowed to remain in the IPL.

Ban in 2015

In 2015, the team was banned for two years following the Lodha Committee inquiry.

Rajasthan Royals became the source of controversy when inappropriate and fictitious bids were made, violating BCCI norms. Ranjit Barthakur and Fraser Castellino were the only two shareholders of the team, which was completely unknown to the BCCI at the time. An out-of-court settlement between the two ensued.^[] In 2015, Rajasthan Royals were banned for two years by the BCCI, with its owner Raj Kundra banned for life.